Kumtor issues 1 M USD for micro-crediting development in Issyk-Kul Province

published: 14 May 2013

Kumtor Operating CompanyThe Kumtor Gold Company CJSC (Kumtor) transferred 500 K USD to micro-credit agencies ‘Jeti-Oguz’, ‘Ton Finance’ and ‘Balykchi Finance’ to support the micro-crediting programs of Issyk-Kul Province , and 500 K USD will be transferred in July of 2013 as well.

Being aware of the importance of the creation of conditions for social and economic development of Issyk-Kul Province, Kumtor has been implementing the micro-crediting program in Issyk-Kul Province since 2006. Three micro-crediting agencies were organized through the support of Kumtor. They provide the micro credit loans, from 10% to 12% interest rate which is the lowest in Kyrgyzstan. Thanks to this, the residents of Jeti-Oguz and Ton Districts, and Balykchi town get access to funds for development of stock-raising, farm enterprises, and small and medium business. Since 2006, Kumtor has invested more than 2 M USD in the micro-crediting program. Taking into account additional financing, the total investment will be 3,160 M USD to the end of 2013.

“We know that the population of the Issyk-Kul Province require the funds provided by the micro-credit organizations, and therefore we decided that additional funding of the micro-credit organizations in the province would assist in improving the economic outlook. The funds would provide the people with the ability to develop their own businesses and thus, promote growth in the prosperity of people, the development of the various communities, and the economic expansion of the province”, – stated Michael Fischer, the President of the Kumtor Operating Company.

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